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投资咨询业务资格:证监许可 【2011】1292号 | | | 油脂产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年11月25日 | 投资咨询业务资格:证监许可 [2011] 1292号 | | | | 壬泽辉 | | Z0019938 | | 臣湘 | | | | | | | | | | | | 11月24日 | | 11月21日 | 涨跌 | 张庆幅 | | | 现价 | 江苏一级 | 8490 | | 8470 | 20 | 0.24% | | | 期价 | Y2601 | 8168 | | 8190 | -22 | -0.27% | | | 墓差 | Y2601 | 322 | | 280 | 42 | 15.00% | | | | | 01+270 | | 01+270 | 0 | | | | 现货基差报价 | 江苏阴 | | | | | 오프 | | | 仓单 | | 24625 | | 24625 | 0 | 0.00% | | 棕榈油 | | | | | | | | | | | | 11月2 ...

| 油脂产业期现日报 | 投资咨询业务资格:证监许可 [2011] 1292号 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 王法框 | Z0019938 | 2025年11月18日 | | | | | | | | | | | 田和 | 11月17日 | 11月14日 | 涨跌幅 | 狱跌 | | | | | | | | | 江苏一级 | 8590 | 8590 | 0 | 0.00% | 现价 | 8256 | 0.31% | Y2601 | 8282 | 26 | 期价 | | 墓差 | Y2601 | 308 | 334 | -26 | -7.78% | 现货墓差报价 | 01+270 | 01+270 | 0 | 江苏1月 | 5 | | 24993 | -216 | 仓单 | 24777 | -0.86% | 棕櫚油 | | | | | | | | 11月14日 | 11月17日 | 涨跌幅 | 涨跌 | -0.23% | 广东24度 | 8570 | ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - No clear core viewpoints are presented in the given content Group 3: Summary by Related Catalogs 1. Basis and Spread - The Shandong basis (+80) (Hongrun) was 6 on 10/30 with a daily change of 10; the East China basis (Zhenjiang warehouse) was 106 with no daily change; the South China basis (Foshan warehouse) was 126 with a daily change of 20 [3]. - The 12 - 01 spread was 15 on 10/30 with a daily change of -2; the 12 - 03 spread was -6 with a daily change of -7; the 01 - 02 spread was -5 with a daily change of -1 [3]. - The BU main contract (01) was 3254 on 10/30, down 20 from the previous day [3]. 2. Trading Volume, Open Interest, and Warehouse Receipts - The trading volume on 10/30 was 212,219, a decrease of 21,636 (-9%) compared to the previous day; the open interest was 338,671, a decrease of 1,392; the warehouse receipts were 9,120, a decrease of 800 [3]. 3. Spot Prices - Brent crude oil was $64.9 on 10/30, up $0.5 from the previous day [3]. - Jingbo's spot price was 3,260 on 10/30, down 20 from the previous day; Hongrun's was 3,180, down 10; Zhenjiang warehouse's was 3,360, down 20; Foshan warehouse's remained at 3,380 [3]. 4. Profits - The asphalt - Ma Rui profit was 251 on 10/30, down 33 from the previous day; the Ma Rui - type refinery comprehensive profit was 693, down 26 [3].

Report Industry Investment Rating No relevant information provided. Core Views of the Report The report comprehensively analyzes the market conditions, important information, logic, and trading strategies of plastics (L) and polypropylene (PP) from September 19 to October 28, 2025. The market prices of L and PP fluctuate, affected by factors such as policy, production capacity, inventory, and international events. The trading strategies include holding long or short positions, trial trading, and waiting and seeing, depending on different market situations and data analysis. Summary by Relevant Catalogs Market Conditions - **L Plastic**: The price of L2601 contract fluctuates, and the LLDPE market price in different regions shows partial increases, decreases, or stable trends. The trading atmosphere in the market is generally cautious, with downstream procurement mainly based on demand [1][4][8]. - **PP Polypropylene**: The price of PP2601 contract also fluctuates, and the PP market price shows large - scale stability with small fluctuations. The impact of futures on the spot market is complex, and downstream procurement is relatively cautious [1][4][8]. Important Information - **Policy**: The Ministry of Industry and Information Technology and other seven departments issued the "Work Plan for Stable Growth of the Petrochemical and Chemical Industry (2025 - 2026)", aiming to achieve an average annual increase of over 5% in industry added value from 2025 to 2026 [4]. - **International Events**: Events such as the US government shutdown, Trump's threat to impose new tariffs on China, and the reorganization plan of chemical companies have an impact on the market [15][18]. - **Industry Development**: Projects such as the successful commissioning of Liaoyang Petrochemical's 100,000 - ton/year nylon 66 project and the release of the group enterprise reorganization plan of Daicel and Polyplastics have implications for the industry [18][21]. Logic Analysis - **Supply - related Factors**: Factors such as changes in domestic PE and PP production capacity utilization rates, registered warehouse receipts, and net imports affect the market. For example, an increase in production capacity utilization rates may lead to an increase in supply and put pressure on prices [2][5][9]. - **Demand - related Factors**: Indicators such as the manufacturing PMI, the US manufacturing PMI, and the logistics industry prosperity index reflect the demand situation and have an impact on the market [16][26][30]. - **External Factors**: Fluctuations in international oil prices, changes in the global economic policy uncertainty index, and changes in the freight index also affect the market [13][16][42]. Trading Strategies - **Single - side Trading**: Strategies include holding long or short positions, trial trading, and waiting and seeing, with specific stop - loss points set according to market conditions [2][5][9]. - **Arbitrage (Long - Short)**: Most of the time, it is recommended to wait and see, and in some cases, hold or intervene in positions with corresponding stop - loss settings [2][5][9]. - **Options**: Generally, it is recommended to wait and see, and in some cases, sell options with stop - loss settings [2][5][9].

Report Industry Investment Ratings No information provided in the reports regarding industry investment ratings. Core Views 1. Oils and Fats - Palm oil: Malaysian crude palm oil futures may face pressure to fall back and seek support at 4300 ringgit, with a chance of rebounding later. Domestic palm oil futures may also decline, with an expected correction to the 8800 - 9000 yuan range. - Soybean oil: The fundamentals of US soybean oil have little change. The seasonal supply pressure from the US soybean harvest drags down the market. In China, post - holiday demand will weaken, and supply may increase, resulting in a short - term oversupply situation [1]. 2. Pork - In the short - term, the supply and demand of the pork market both increase, with chaotic spot quotes and larger declines in some areas. In the medium - term, demand recovers slowly, and supply is clearly recovering, with weak demand absorption. The market is expected to fluctuate and adjust, following the spot price with small fluctuations [3]. 3. Corn - In the short - term, the supply of new corn in the market is increasing. The price in the northeast is weak, and the price in the north China is under pressure. The demand side has a seasonal restocking demand. The market is expected to oscillate at a low level, and attention should be paid to the new grain purchase rhythm and farmers' selling mentality [5]. 4. Meal - US soybeans are expected to fluctuate in a low - level range. The basis of domestic meal is supported before the festival. The purchase of Argentine soybeans eases the supply gap to some extent. The near - month increase of soybean meal is weak, and the 1 - 5 spread may continue to weaken in the short - term [8]. 5. Sugar - In the short - term, the international raw sugar price is dragged down by Brazilian production and demand. It is expected to maintain a weak bottom - oscillating pattern. New sugar in China will be on the market soon, putting pressure on the spot market. The domestic market is expected to be weak [10]. 6. Cotton - The supply side has a large hedging pressure after the new cotton is purchased. The demand side has low confidence in the peak season, and the demand is less than in previous years. The domestic cotton price may be under pressure in the short - to - medium term [11]. 7. Eggs - The inventory of laying hens remains high, and the egg supply is sufficient. With the approaching of the double festivals, the demand for eggs may increase. Egg prices are expected to oscillate in a bottom - level range [15]. Summary by Related Catalogs 1. Oils and Fats - **Price Changes**: - **Soybean oil**: The spot price in Jiangsu on September 26 was 8470 yuan, up 30 yuan or 0.36% from September 25. The futures price of Y2601 was 8162 yuan, down 30 yuan or - 0.37%. The basis of Y2601 was 308 yuan, up 60 yuan or 24.19% [1]. - **Palm oil**: The spot price of 24 - degree palm oil in Guangdong on September 26 was 9230 yuan, up 60 yuan or 0.65%. The futures price of P2601 was 9236 yuan, up 14 yuan or 0.15%. The basis of P2601 was - 6 yuan, up 46 yuan or 88.46% [1]. - **Rapeseed oil**: The spot price of third - grade rapeseed oil in Jiangsu on September 26 was 10240 yuan, up 200 yuan or 1.99%. The futures price of OI601 was 10162 yuan, up 20 yuan or 0.20%. The basis of OI601 was 78 yuan, up 180 yuan or 176.47% [1]. - **Spread Changes**: - **Inter - month spreads**: The 01 - 05 spread of soybean oil on September 28 was 236 yuan, down 26 yuan or - 9.92% from September 26; that of palm oil was 184 yuan, down 8 yuan or - 4.17%; that of rapeseed oil was 520 yuan, up 36 yuan or 7.44% [1]. - **Cross - variety spreads**: The spot soybean - palm oil spread was - 760 yuan, down 30 yuan or - 4.11%; the 2601 spread was - 1126 yuan, down 26 yuan or - 2.36%. The spot rapeseed - soybean oil spread was 1770 yuan, unchanged; the 2601 spread was 2000 yuan, up 50 yuan or 2.56% [1]. 2. Pork - **Futures Market**: The price of the main contract basis was - 45 yuan, up 90 yuan or 66.67%. The price of the live hog 2511 contract was 12575 yuan/ton, down 110 yuan or - 0.87%; the price of the 2601 contract was 13100 yuan/ton, down 210 yuan or - 1.58% [3]. - **Spot Market**: The spot prices in different regions showed different trends. For example, the price in Henan was 12530 yuan/ton, down 20 yuan; that in Shandong was 12840 yuan/ton, up 40 yuan [3]. - **Related Indicators**: The daily slaughter volume of sample slaughterhouses was 143630, down 11434 or - 7.37%. The weekly white - strip price was 0 yuan, down 19.81 yuan or - 100.00% [3]. 3. Corn - **Corn**: The price of the corn 2511 contract was 2178 yuan/ton, up 13 yuan or 0.60%. The Pingcang price in Jinzhou Port was 2280 yuan/ton, down 30 yuan or - 1.30%. The basis was 102 yuan, down 43 yuan or - 29.66% [5]. - **Corn Starch**: The price of the corn starch 2511 contract was 2480 yuan/ton, up 6 yuan or 0.24%. The basis was 80 yuan/ton, down 6 yuan or - 6.98% [5]. 4. Meal - **Soybean Meal**: The spot price in Jiangsu was 2940 yuan, unchanged. The futures price of M2601 was 2937 yuan, unchanged. The basis was 3 yuan, unchanged [8]. - **Rapeseed Meal**: The spot price in Jiangsu was 2510 yuan, unchanged. The futures price of RM2601 was 2405 yuan, unchanged. The basis was 105 yuan, unchanged [8]. 5. Sugar - **Futures Market**: The price of the sugar 2601 contract was 5478 yuan/ton, down 7 yuan or - 0.13%. The price of the 2605 contract was 5442 yuan/ton, down 12 yuan or - 0.22% [10]. - **Spot Market**: The spot prices in Nanning and Kunming were unchanged. The Nanning basis was 338 yuan, up 12 yuan or 3.68%; the Kunming basis was 368 yuan, up 12 yuan or 3.37% [10]. 6. Cotton - **Futures Market**: The price of the cotton 2605 contract was 13405 yuan/ton, down 130 yuan or - 0.96%. The price of the 2601 contract was 13405 yuan/ton, down 125 yuan or - 0.92% [11]. - **Spot Market**: The Xinjiang arrival price of 3128B was 14955 yuan/ton, down 40 yuan or - 0.27%. The 3128B - 01 contract spread was 1550 yuan, up 90 yuan or 6.16% [11]. 7. Eggs - **Futures Market**: The price of the egg 11 contract was 3036 yuan/500KG, down 40 yuan or - 1.30%. The price of the 10 contract was 2940 yuan/500KG, down 41 yuan or - 1.38% [14]. - **Spot Market**: The egg - producing area price was 3.47 yuan/jin, down 0.14 yuan or - 3.76%. The basis was 492 yuan/500KG, down 37 yuan or - 6.98% [14].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The PG main contract fluctuated upward, mainly following the rise in oil prices. In the short - term, Shandong prices are firm, while East China has high supply pressure and is expected to remain weak overall. The external market is expected to be volatile and weak under the expectations of high supply and a slowdown in the year - on - year growth rate of winter demand, despite the seasonal increase [1]. 3. Summary by Relevant Catalogs 3.1 Price Data - **Daily Price Changes**: From September 22 - 26, 2025, in the spot market, the price of South China LPG increased from 4640 to 4650 (+50), East China from 4385 to 4393 (+6), and Shandong from 4550 to 4580 (+10). The price of ether - post carbon four remained at 4620. The paper import profit increased by 42, and the main contract basis decreased by 17 [1]. - **Futures Market**: The PG main contract fluctuated upward. The cheapest deliverable was East China civil gas at 4373 (-42), Shandong at 4570 (+40), and South China at 4640 (-10). The basis was 103 (+113), the 10 - 11 spread was 148 (+83), and the 11 - 12 spread was 79 (+19). The number of warehouse receipts was 14327 (+1353) [1]. - **External Market**: The FEI monthly spread dropped 2.5 to - 8.5 dollars, and the CP monthly spread rose 1.5 to - 13 dollars. The FEI - CP spread was 1 (-5), and the US - Asia arbitrage window was closed [1]. 3.2 Weekly Outlook - **Domestic Market**: Before the holiday, upstream inventory was cleared, arrivals decreased, propane chemical demand increased, and combustion demand replenished stocks. The PDH operating rate was 69.48% (+4.34 percentage points), and it is expected to rise next week [1]. - **External Market**: Although there is a seasonal increase, under the expectations of high supply and a slowdown in the year - on - year growth rate of winter demand, it is expected to be volatile and weak overall [1]. 3.3 Daily Changes - The basis was 103 (+96), and the 10 - 11 spread was 35 (+148). As of 9:00 am, FEI and CP c1 fluctuated, at 548 (-2) and 545 (+1) respectively [1].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The LPG market is expected to remain weak overall. The price in South China decreased mainly due to the impact of typhoons, which led to the near - stagnation of exports and some refineries reducing prices to clear inventories. The supply in Shandong is abundant due to incoming resources, and chemical demand has declined [1]. Group 3: Summary Based on Specific Information Price and Basis Information - From September 18 - 24, 2025, the prices of LPG in different regions showed fluctuations. For example, on September 24, South China was 4600, East China was 4387, and Shandong was 4550. The daily change on September 24 saw South China down 40, East China up 2, and Shandong unchanged. The basis of the PG main contract weakened to 51 (-74), and the 10 - 11 monthly spread was 49 (-20), 11 - 12 monthly spread was 62 (+3) [1]. Inventory and Demand Information - Port inventories and factory warehouses both increased as imports decreased and external sales slightly increased, but demand narrowed. Chemical demand declined, with the PDH operating rate at 70.49% (-2.61), and the operating rates of alkylation and MTBE also decreasing [1]. International Market Information - External market prices rose. FEI and CP changed little, with FEI at 549 (+1) and CP at 543 (+0) dollars/ton (as of 2:30 pm). The FEI monthly spread remained at 5 dollars, and the CP monthly spread was -2.5. The price difference between the domestic and international markets decreased slightly, and the US - Asia arbitrage window was closed [1].

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Viewpoints - Last week, Shanghai copper prices rose first and then fell. The main contract of Shanghai copper decreased by 1.42%, closing at 79,910 yuan/ton. Geopolitical factors and US tariff issues affected copper prices, and global instability persists. Domestically, the consumption season is approaching, but downstream consumption willingness is average. In the industrial sector, domestic spot trading is mediocre, mainly driven by rigid demand. In terms of inventory, LME copper inventory was 148,875 tons, with a slight decrease last week, while SHFE copper inventory increased by 11,760 tons to 105,814 tons compared to the previous week [3]. - The copper market will be in a tight balance in 2024 and face an oversupply in 2025 [10]. 3. Summary by Relevant Catalogs 3.1 Market Review - Last week, the main contract of Shanghai copper decreased by 1.42%, closing at 79,910 yuan/ton. Geopolitical factors and US tariff issues affected copper prices, and global instability persists. Domestically, the consumption season is approaching, but downstream consumption willingness is average. In the industrial sector, domestic spot trading is mediocre, mainly driven by rigid demand. LME copper inventory was 148,875 tons, with a slight decrease last week, while SHFE copper inventory increased by 11,760 tons to 105,814 tons compared to the previous week [3]. 3.2 Fundamentals 3.2.1 PMI - No specific content about PMI is provided in the report. 3.2.2 Supply - Demand Balance - The copper market will be in a tight balance in 2024 and face an oversupply in 2025. The Chinese annual supply - demand balance table shows production, import, export, apparent consumption, actual consumption, and supply - demand balance data from 2018 to 2024 [10][13]. 3.2.3 Inventory - Exchange inventory is in the process of destocking, and bonded area inventory remains at a low level [14][18]. 3.3 Market Structure 3.3.1 Processing Fees - Processing fees are at a low level [21]. 3.3.2 CFTC Positions - There is an outflow of non - commercial net long positions in CFTC [23]. 3.3.3 Futures - Spot Price Spread - No specific content about the futures - spot price spread is provided in the report. 3.3.4 Import Profits - No specific content about import profits is provided in the report. 3.3.5 Warehouse Receipts - No specific content about warehouse receipts is provided in the report.

Report Industry Investment Ratings No information provided in the given content. Core Views Oils and Fats - Palm oil: MPOB report shows inventory growth to 2.2 million tons, and the unexpected decline in the first 10 - day export data brings negative pressure. There is a risk of the futures price falling below 4,400 ringgit and continuing to weaken. Domestically, it will first consider the support at 9,000 yuan. If Malaysian palm oil weakens, Dalian palm oil may follow a downward - fluctuating trend [1]. - Soybean oil: Analysts expect the USDA report to lower the US soybean yield forecast, but the high - level of US soybean's excellent rate still maintains the expectation of a good harvest. The upcoming concentrated supply pressure will weigh on the market. Domestically, although the demand season is coming, the current oversupply of soybeans will keep the basis quotation in a narrow - range adjustment [1]. Meal Products - The high excellent rate of US soybeans suppresses the market's bullish sentiment. The strong supply and weak demand pattern of US soybeans continues. The relatively high Brazilian basis provides support for domestic costs. Recently, the domestic concern about future supply has eased, and the spot is loose. The increase in oil mills' soybean meal inventory and the lack of terminal purchasing enthusiasm suppress the basis. However, the cost support is strong, and the decline space of domestic meal products is limited [3]. Pig Industry - The slaughter of the breeding end is stabilizing, and the reluctance to sell at low prices has increased. The entry of secondary fattening in some areas provides support for the spot. The spot pressure has been gradually realized, and the price has fallen to a low - level range with limited further decline space. The demand is slowly recovering, but whether it can smoothly absorb the supply is uncertain. There may be a wave of concentrated slaughter before the double festivals. The market rebounded today due to the policy boost, but there is still potential for decline later, and the overall supply - demand pressure is large [6]. Corn Industry - In the Northeast, the purchase and sale are still dull, and the new season's corn has not been listed in large quantities, so the price remains firm. In North China, the supply is relatively sufficient, and the price continues to run weakly. As corn is transitioning to the new season, the tight inventory of old - season corn and the upcoming large - scale listing of new - season corn, along with the expected increase in production and the decrease in planting costs, put pressure on the price. On the demand side, the purchasing enthusiasm of deep - processing and feed enterprises is weak. In the short - term, the supply and demand of corn are both weak, and the futures price is under pressure, maintaining a weak pattern in the medium - term [8]. Sugar Industry - The sugar production in the central - southern region of Brazil in the first half of August increased year - on - year, and the sugar - making ratio reached a new high, resulting in a large supply pressure on raw sugar and a price drop below 16 cents per pound. The overall supply pressure of raw sugar remains large, and it is expected to maintain a weak pattern. However, as the sugar price approaches the tax - included ethanol price, the room for the future increase of the sugar - alcohol ratio in Brazil is limited. The new sugar will be on the market in less than a month, and the pre - sale price is lower than the current market price. The futures price is weak, and the market sentiment is weak. The sugar price is expected to fluctuate at the bottom [12]. Cotton Industry - Some cotton ginning factories have started purchasing this week, but the pricing methods of cotton for wadding and spinning are different, and the new cotton purchase driver is still unclear. In the short - term, the upward and downward space of domestic cotton prices may be limited, and the downstream has little confidence in the traditional peak season. In the short - term, domestic cotton prices may fluctuate within a range, and will be under pressure after the new cotton is listed [13]. Egg Industry - The increase in traders' purchases in recent days may drive up the egg price. However, the high inventory and the impact of cold - stored eggs on the market will suppress the increase of the egg price. After the second and third batches of replenishment in the second half of the week, the demand may fade, and the risk of the egg price decline increases. The egg price may rebound in early September, but the overall increase is limited, maintaining a bearish view [16]. Summary by Related Catalogs Oils and Fats - **Price Changes**: - Soybean oil: The spot price in Jiangsu decreased by 1.15% to 8,570 yuan/ton, and the futures price of Y2601 decreased by 192 yuan [1]. - Palm oil: The spot price in Guangdong decreased by 1.59% to 9,270 yuan/ton, and the futures price of P2601 decreased by 34 yuan [1]. - Rapeseed oil: The spot price in Jiangsu decreased by 0.20% to 9,910 yuan/ton, and the futures price of OI601 decreased by 43 yuan [1]. - **Basis and Spread**: - The basis of soybean oil Y2601 increased by 92 yuan to 308 yuan [1]. - The basis of palm oil P2601 decreased by 116 yuan to - 176 yuan [1]. - The 09 - 01 spread of soybean oil decreased by 40 yuan to 6 yuan, a decrease of 86.96% [1]. - The spot spread between soybean oil and palm oil increased by 50 yuan to - 700 yuan, an increase of 6.67% [1]. - The spread between rapeseed oil and soybean oil in 2509 increased by 149 yuan to 1,675 yuan, an increase of 9.76% [1]. Meal Products - **Price Changes**: - Soybean meal: The spot price in Jiangsu remained unchanged at 3,030 yuan/ton, and the futures price of M2601 decreased by 9 yuan to 3,066 yuan/ton [3]. - Rapeseed meal: The spot price in Jiangsu increased by 10 yuan to 2,630 yuan/ton, and the futures price of RM2601 decreased by 17 yuan to 2,533 yuan/ton [3]. - **Basis and Spread**: - The basis of soybean meal M2601 increased by 9 yuan to - 36 yuan [3]. - The basis of rapeseed meal RM2601 increased by 27 yuan to 97 yuan [3]. - The 01 - 05 spread of soybean meal decreased by 7 yuan to 268 yuan, a decrease of 2.55% [3]. - The 01 - 05 spread of rapeseed meal decreased by 14 yuan to 128 yuan, a decrease of 9.86% [3]. - The spot spread between soybean meal and rapeseed meal decreased by 10 yuan to 400 yuan, a decrease of 2.44% [3]. Pig Industry - **Futures and Spot Prices**: - The futures price of the main contract decreased by 85 yuan to - 190 yuan/ton, a decrease of 80.95% [6]. - The spot price in Henan remained unchanged at 13,550 yuan/ton, and the price in Shandong decreased by 100 yuan to 13,500 yuan/ton [6]. - **Industry Indicators**: - The daily slaughter volume of sample points decreased by 879 to 147,686, a decrease of 0.59% [6]. - The weekly white - striped pork price increased by 0.1 yuan to 20.10 yuan/kg, an increase of 0.25% [6]. - The self - breeding profit increased by 20.4 yuan to 53 yuan/head, an increase of 63.31% [6]. Corn Industry - **Price Changes**: - The futures price of corn 2511 decreased by 17 yuan to 2,197 yuan/ton, a decrease of 0.77% [8]. - The FOB price at Jinzhou Port decreased by 10 yuan to 2,310 yuan/ton, a decrease of 0.43% [8]. - **Industry Indicators**: - The basis increased by 7 yuan to 113 yuan, an increase of 6.60% [8]. - The 11 - 3 spread of corn increased by 1 yuan to 11 yuan, an increase of 10.00% [8]. - The long - distance trade profit remained unchanged at 44 yuan [8]. Sugar Industry - **Futures and Spot Prices**: - The futures price of sugar 2601 increased by 17 yuan to 5,535 yuan/ton, an increase of 0.31% [12]. - The spot price in Kunming increased by 15 yuan to 5,835 yuan/ton, an increase of 0.26% [12]. - **Industry Indicators**: - The national cumulative sugar production increased by 119.89 million tons to 1,116.21 million tons, an increase of 12.03% [12]. - The national cumulative sugar sales increased by 130 million tons to 955 million tons, an increase of 15.76% [12]. - The national industrial inventory decreased by 11.3 million tons to 96.89 million tons, a decrease of 10.44% [12]. Cotton Industry - **Futures and Spot Prices**: - The futures price of cotton 2605 increased by 30 yuan to 13,820 yuan/ton, an increase of 0.22% [13]. - The Xinjiang arrival price of 3128B decreased by 43 yuan to 15,210 yuan/ton, a decrease of 0.28% [13]. - **Industry Indicators**: - The commercial inventory decreased by 33.85 million tons to 148.17 million tons, a decrease of 18.6% [13]. - The industrial inventory decreased by 3.19 million tons to 89.23 million tons, a decrease of 3.5% [13]. - The cotton outbound shipping volume increased by 9.86 million tons to 53.46 million tons, an increase of 22.6% [13]. Egg Industry - **Futures and Spot Prices**: - The futures price of the egg 11 - contract decreased by 63 yuan to 3,020 yuan/500KG, a decrease of 2.04% [15]. - The egg - producing area price increased by 0.03 yuan to 3.44 yuan/jin, an increase of 0.79% [15]. - **Industry Indicators**: - The egg - chicken chick price remained unchanged at 3.00 yuan/feather [15]. - The culled - hen price decreased by 0.21 yuan to 4.62 yuan/jin, a decrease of 4.35% [15]. - The egg - feed ratio increased by 0.07 to 2.50, an increase of 2.88% [15].